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HAPAG - LLOYD AG / Key word(s): Final Results/Development of Sales
Hamburg, 21 March 2012
Consolidated financial statements for 2011 approved:
According to the consolidated financial statements approved today by the Supervisory Board, Hapag-Lloyd increased its transport volume in 2011 by 5.1% to 5.198 million TEU. The average freight rate was USD 1,532/TEU, which represents a modest decline of 2.4% on the year. Revenue came to EUR 6.103 billion, compared with EUR 6.204 billion in the previous year. The decline was largely due to exchange rate fluctuations. In US dollars, the main currency for Hapag-Lloyd's operational business, revenue rose by around 3.2%.
'In comparison with the competition this was an excellent result for Hapag-Lloyd in a challenging year. Not only were we the only large liner shipping company to achieve a positive operating result in all four quarters of 2011, but we were also the only market participant to close the second half-year with a group profit after interest and taxes,' said Michael Behrendt, Chief Executive Officer of Hapag-Lloyd. Cash flow from operating activities was EUR 244 million for the financial year under review.
In the first few weeks of the current financial year Hapag-Lloyd has performed in line with expectations. Further increases in bunker costs have put a strain on what is anyway the weaker season at the start of the year. High energy costs will remain a challenge for the entire industry throughout 2012. This difficult environment made it imperative to announce a sharp increase in freight rates beginning in March and April, which the market has accepted.
'These increases are unavoidable in order to get back to adequate and sustainable rates again, especially as the bunker price has gone up even further,' said Michael Behrendt. 'This is also in the interest of our customers, because in the long run it is the only way shipping companies can offer a comprehensive, dependable service, which given the global division of labour many customers rely on.' Furthermore, shareholders are also entitled to a reasonable return on their capital, he added. 'The ability to pay dividends is one of our most important corporate goals,' said Michael Behrendt.
Hapag-Lloyd has a sound balance sheet. At year-end the Company held liquidity reserves of around EUR 750 million. All budgeted capital expenditure is fully funded, in particular the ten newbuilds that are due for delivery from July 2012 until the end of 2013. The 2011 Annual Report was published today and is available from www.hapag-lloyd.com
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